Why Money Managers Love Miami

6/27/2013 11:06AM

Rebuilding trust is the biggest challenge for wealth managers, according to a new survey from Pricewaterhouse Coopers. Plus, a look at why Miami and New York are desirable. Steve Crosby, PwC Americas Wealth Leader, joins MoneyBeat.

This transcript has been automatically generated and may not be 100% accurate.

... wealth managers still trying to rebuild trust with their clients after the huge postrecession crusher ... latest survey of private banking and wealth manager from PD of VC funds twentieth anniversary this survey ... and also as they try to clear their science nuclear scare planted those murky waters ... Steve Crosby is here from the firm when a leader the writers on this report talk about it on the MoneyBeat show morning Steve ... thanks for coming on appreciated good ... so here it is all caught up so I can get a look at it announced a ... partial picture of some some in Spain there ... on ... it didn't even doing this for twenty years writes the starting bluntly ninety four nine hundred and nineteen giving him ... on and that the first thing I read I read the report for the talked about ... was was rebuilding trust and how difficult that is given every chance whatsoever then declined to be in for over the last ... ten fifteen years or so really it's it's even more profound mental to do is is we look at it ... with the the whole business is changing ... and the clients are changing their expectation of their wealth managers ... totally different than it's been before ... and ... trying to reestablish trust it to the GST isn't scandals on other things ... here is a really really hard job ... it's harder to be in wealth management now than it's ever been before ... by placing QC remain logo financial crisis to a new post ... and what is going to work for a ... party and ... but it's it's looking at what ... the client has had to deal with ... its own to reestablish trust ... you have to serve the client a new client ... and what we say looking back over twenty years ... we look at how people are paid ... we look at how ... clients and markets are segmented ... Enel by and large they're still segmented based on ... what is it mean to the wealth managers ... as opposed to helping the client ... our thesis is that you have to serve apply any have to serve the client ... on a holistic bases across the entire family ... and across the entire lifecycle ... it is ... almost in Congress ... that ... wealth managers had little or no relationship with served with the surviving spouse until the matriarch ... takes over from that little relationship which children know relationship with charitable institutions ... and they wonder why assets go out the door ... basic relationship management ... in its understanding the client needs ... and delivering on them and delivering on the stock ... now or the aspects of the survey was at that ... impressed me from on ... YouTube where ... fund managers are are seen as the top money centers where is this is when they are flocking to ... get to the question when this one yes one clear I dare it's it's in attempts ... to ... use in qualitative and quantitative data ... to so to try and understand where the epicenter ... of wealth management might be ... upset when we were coming along we would probably say ... it's what's on its around the square in Geneva ... and what we're seeing now is that's moving ... in its movie because of the creation of brand new wealth in Asia ... markets are growing much faster much more profitable ... on and it's also growing in other areas as well we bring Markets into ... establishment your new emerging in newly emerged ... and so ... increasingly Singapore has gained ranking ... overtime had quite eclipsed Switzerland yet but the numbers show that is moving right ahead ... the key thing for ... the Americans ... is the role of Latin America ... and in the battle you have a very interesting adjacent city ... phenomenon called My and ... Masaaki sanity yet so fun to get down there but is that becoming a big money sent its been coming of being a good ... looking center and it's a center of wealth management ... and so our respondents in the Americans ... when they think about the epicenter of wealth management ... of course to get one then of course to get me or ... next we plan ... to allow what about New York without the big Apple is still gotta be ... that still gonna be a major center there is still a major center and get ... over the last six years ... has held its position ... numbers are very solid behind it it will always have a role as a leading financial center and once again ... we don't ... we ... by Steve Crosby PNC thank you for coming in today thank you to enjoy ...